New Zealand ranked fourth in PwC's Women In Work index

A new report has found New Zealand's economy could grow by more than $16b if it lifted the female employment rate to match that of Sweden.

New Zealand could add more than $16 billion to the economy by lifting its female employment rate to match that of Sweden.

New Zealand has been ranked fourth in PwC's Women in Work Index, coming in behind Iceland, Norway and Sweden.

The report, based on data from 2014, highlights the potential gains for businesses and economies by employing more women and shrinking the gender pay gap.

Organisations and companies are using International Women's Day as a time to highlight the need for gender equality when it comes to pay and the rate of employment.

If New Zealand raised its female employment rate to match Sweden's - the country with the highest female employment rate in the OECD - it stands to grow GDP by almost 7 per cent, or US$11 billion ($16 billion), the report says.

However, the Ministry for Women puts New Zealand's gender pay gap at almost 12 per cent for 2015 (9.9 per cent in 2014) and the Young Women's Christian Association (YWCA) puts it at 14 per cent.

YWCA chief executive Monica Briggs said International Women's Day was the perfect time to advocate for equal pay and equal work.

Businesses should reflect on what more they could be doing to address the gender pay gap, Briggs said.

"There is, however, a growing force for change. With legal challenges around pay equity coming from a number of different quarters now, businesses need to change their thinking and their attitudes in order to maintain a competitive advantage."

In the UK alone, 1.5 million women would like to work more hours but did not have the opportunity to do so.

Foliaki said this meant there were significant opportunities for flexible work practices to better leverage the skills of women returning to the labour market.

This was a particular issue for more senior positions, where there was an undersupply of flexible roles.

The concentration of part-time work outside of high-level jobs increased the tendency for women to work in occupations below their skill levels, he said, adding that there was a clear business case for greater flexibility in the workplace.

"To continue enabling the success and evolution of all our people, we needed to move on from our past ways of working."

Businesses should focus on flexibility and equipping people to work from any location, using any device, at a time that suits them and their clients.